KUALA LUMPUR: Malaysian palm oil futures climbed for a fourth consecutive session on Monday, as stronger Dalian palm olein and strength in crude oil prices supported the market. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 82 ringgit, or 1.79%, to 4,654 ringgit ($1,184.83) a metric ton at the close, its highest in over a year. Crude palm oil futures were buoyed by strong gains in Dalian palm olein, which during the morning Asian session traded at its highest level since June 2022, a Kuala Lumpur-based trader said. “The market was also supported by firmer crude oil prices,” the trader added. Dalian’s most-active soyoil contract rose 0.09%, while its palm oil contract added 2.39%. Soyoil prices on the Chicago Board of Trade were down 1.69%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose as the U.S.-Israeli war on Iran continued to disrupt oil production and shipping in the Middle East, despite U.S. President Donald Trump’s call for global efforts to secure the vital Strait of Hormuz. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimated that exports of Malaysian palm oil products for March 1-15 rose between 43.5% and 56.9% month-on-month. The ringgit, palm’s currency of trade, strengthened 0.2% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Indonesia’s senior economic minister said that the country may impose additional taxes on certain commodities, such as palm oil, if the government needs to reduce the impact of rising global oil prices on the budget.